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Cost of Living: New York, NY vs Memphis, TN

A data-driven comparison of housing, groceries, transportation, taxes, job market and more. See which city gives you more for your money.

40.7% Memphis, TN is cheaper overall
64.1% 64.1% cheaper housing
20.7% 20.7% cheaper groceries
Updated April 2026 · Data: Bureau of Labor Statistics, U.S. Census Bureau National average = 100

At a Glance

🏠 Housing 64.1% cheaper
New York
195
Memphis
70
🛒 Groceries 20.7% cheaper
New York
116
Memphis
92
🚗 Transportation 26.2% cheaper
New York
130
Memphis
96
🏥 Healthcare 21.7% cheaper
New York
115
Memphis
90
⚡ Utilities 12.5% cheaper
New York
112
Memphis
98

Detailed Breakdown

Category New York, NY Memphis, TN Difference
Overall Cost Index1458640.7% less
Housing1957064.1% less
Median 1BR Rent$3,200$95070.3% less
Median Home Price$750,000$165,00078.0% less
Groceries1169220.7% less
Transportation1309626.2% less
Healthcare1159021.7% less
Utilities1129812.5% less

Tax Comparison

Tax Type New York, NY Memphis, TN
State Income Tax10.90% (top)None (0%)
State Sales Tax4.00%7.00%
Avg Property Tax Rate1.40%0.56%
Estate / Inheritance TaxYesNone

What You'd Need to Earn

New York, NY
$115,000
Median household income
Memphis, TN
$48,000
Median household income
⚠️ Heads up: Memphis costs more but median income is lower. You may need to earn more to maintain the same standard of living.

Salary Equivalent Calculator

Find out what you'd need to earn in Memphis to maintain your New York lifestyle.

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Based on overall cost index: New York (145) vs Memphis (86). This is an estimate for comparison purposes.

Job Market Snapshot

Unemployment Rate
New York5.1%
Memphis4.8%
Job Growth (YoY)
New York2.8%
Memphis1.9%
Top Industries
New YorkFinance, Media, Tech
MemphisLogistics, Healthcare, Manufacturing

Quality of Life

Avg Commute
New York41 min
Memphis24 min
Walk Score
New York89
Memphis34
Air Quality (AQI)
New York48
Memphis44
Avg Temperature
New York55°F
Memphis63°F
Population
New York8,258,035
Memphis633,104

Moving from New York to Memphis?

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Planning Your Move?

Here are some helpful resources if you're considering relocating.

🏠 Find ApartmentsBrowse rentals in New York and Memphis → 🚚 Get Moving QuotesCompare prices from top movers → 📈 Check Home ValuesSee real estate trends in both cities → 💼 Search JobsFind open positions in Memphis →

Compare Other Cities

New York vs Austin → New York vs Denver → New York vs Nashville → Memphis vs Raleigh → Memphis vs Portland → Memphis vs Phoenix →

Frequently Asked Questions

Is New York or Memphis cheaper to live in?+
Memphis is the more affordable option overall. The biggest difference is in housing costs, where the gap is about 64.1%. Day-to-day expenses like groceries and transportation are closer between the two cities.
How much is rent in New York vs Memphis?+
A typical one-bedroom apartment costs around $3,200/month in New York and $950/month in Memphis — a difference of about $2,250 per month.
Which city has lower taxes, New York or Memphis?+
New York has a state income tax of 10.90% (top) and sales tax of 4.00%. Tennessee has a state income tax of None (0%) and sales tax of 7.00%. Consider all tax types together when evaluating total tax burden, as states with no income tax often compensate with higher sales or property taxes.
Can I afford to move from New York to Memphis?+
Median household income in New York is $115,000 compared to $48,000 in Memphis. Use the salary calculator above to see what you'd need to earn to maintain your current standard of living.
What about buying a home in New York vs Memphis?+
The median home price in New York is $750,000 versus $165,000 in Memphis — a difference of $585,000. Property tax rates also differ: New York averages 1.40% while Tennessee averages 0.56%.